This illustrated guide presents a detailed explanation of how to buy an NFT on OpenSea using the Exodus web3 wallet. We’ll go over finding the right NFT, connecting your wallet to OpenSea, and some of the most common questions about the OpenSea marketplace.
What is OpenSea?
OpenSea is an NFT exchange built on top of Ethereum. It’s the world’s most popular NFT marketplace and home to many of the most famous projects like the Bored Apes Yacht Club.
In addition to the web-based exchange, OpenSea released a mobile app at the end of 2021. The app is available for Android and Apple, and has generally received favorable reviews.
To use OpenSea you’ll need to download and install a web3 crypto wallet like the Exodus Web3 wallet, which is free to download and available for Brave and Chrome.
Before you buy NFT on OpenSea you might want to check the gas fees on Ethereum first (Blocknative has an excellent website for checking gas fees). Buying an NFT can be expensive and it makes sense to wait for a time when transaction fees are low. That’s typically on the weekend, especially during the evening and night for American time.
How to buy NFT on OpenSea
Here’s how to buy an NFT on OpenSea with the Exodus browser extension:
1) Step 1 - Load OpenSea
Go to https://opensea.io and click on “Explore” to view the entire collection of NFTs that are currently available on OpenSea. You can sort the NFTs by category, or search for a particular collection. Click on “Stats” to see which NFTs have the most trading volume.
2) Step 2 - Make your choice
Today we’ll be buying an NFT from The Chameleon Collective. OpenSea works similar to eBay, in that some NFTs are only available via auction, and they may have a minimum reserve price. Other NFTs are available for immediate sale and there is a set price.
Our Chameleon last sold for 0.04 ETH, however, the price has now dropped to a much more reasonable 0.0019 ETH.
Click “Buy now” to begin the purchase process.
Step 3 - Link your wallet to OpenSea
After you click “Buy now” a window will pop up, asking you to load a wallet. If you’ve already installed the Exodus web3 wallet you can click on MetaMask. This will load Exodus.
After you open Exodus, click on “Connect” to link the wallet to OpenSea. When prompted, click on “Accept and sign” to finalize the connection.
Step 4 - Buy NFT on OpenSea
Now that your wallet is linked, click “Buy now” one more time. A window will pop up, asking how you want to pay for your purchase. Make sure the “crypto” option is selected, then click on “Complete purchase.”
Step 5 - Complete the purchase
The transaction may take anywhere from a few seconds to a minute to register in the wallet. Once the transaction is displayed, click on “Approve.” The transaction should finalize quickly, depending on network congestion, and then you will be the new owner of the NFT.
You’re finished! That’s the complete guide on how to buy an NFT on OpenSea. You can hold your NFT in the Exodus wallet, or sell it on OpenSea in the future.
The following are some of the most common questions about NFTs and how to buy an NFT on OpenSea.
What is the floor price?
The floor price refers to the lowest amount a vendor is willing to sell their NFT for. The floor price is distinct from the average price, which reflects previous sale prices.
How much does it cost to use OpenSea?
OpenSea charges a 2.5% commission for NFT sales. The seller typically pays the fee. The largest expense for the buyer is usually the Ethereum gas fees.
Is OpenSea the only place to buy NFTs on Ethereum?
No. There are several other popular NFT marketplaces on Ethereum, like Rarible and SuperRare. OpenSea has the most trading volume, and some popular NFT projects are only available on OpenSea.
Can I use an NFT as my Twitter profile picture?
In January of 2022 Twitter added a new feature that lets users set an NFT as their profile picture. There are several steps to this process, and OpenSea has created a full guide for anyone interested.
Does OpenSea only sell Ethereum-based NFTs?
NFTs and the web3 revolution
The web3 revolution is happening fast and NFTs are no passing fad. Although they will experience ups and downs just like any other asset, non-fungible tokens are here to stay. If you’re ready to start building your collection you can take the stress out of NFTs with the Exodus NFT Gallery:
- Receive, store, and view your NFTs from different chains (currently supporting Ethereum and Solana NFTs) all in one application
- Easily connect to the OpenSea and MagicEden NFT marketplaces to purchase the hottest NFT collections from the safety and comfort of Exodus
- Manage your NFTs on mobile, desktop, or your web browser!
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.